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Today was a disappointment all around. We were supposed to be up for once. That didn't hold. The "no nationalization" talk failed to help keep the broad market afloat. The breath of relief was quickly replaced by more flight to quality and panic protection. It feels as though the rest of the air is coming out of the market as Joe Public throws in the towel. Here were today's unofficial closing bell levels:Dow 7,115.42 -250.25 (-3.40%)
S&P 500 743.36 -26.69 (-3.47%)
Nasdaq 1,387.72 -53.51 (-3.71%)
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Citigroup Inc. (NYSE: C) traded higher on word that the government will possibly convert its preferred shares to common stock and will take a larger stake of up to 40%. While this is very dilutive, it is far short of any nationalization like the market was spooked about Friday. Shares were up 11% at $2.15 shortly before the close.
General Electric Company (NYSE: GE) was down again today as the conglomerate was downgraded at Deutsche Bank. What is interesting is that there was not really a new reason for the downgrade. Shares were down by 5% at $8.90 shortly before the close.
Hewlett-Packard Corporation (NYSE: HPQ): Barron's said that its stock could rise by 50% under the right circumstances. Shares were stronger at the open, but the market took these down and shares were down 5% at $29.75 shortly before the close.
Garmin Ltd. (NASDAQ: GRMN) posted earnings of $0.93 EPS vs. $0.98 estimates, and it had soft sales and lower margins as well. It wouldn't even comment on forward guidance, as so many technology and consumer product companies have started doing. As its stock has been hit so hard, shares rose today and were actually up 8% at $16.41 before the close.
Yahoo! Inc. (NASDAQ: YHOO) is reportedly close to a management reorganization that will streamline its decision making under its new CEO Caro Bartz. Shares were down 0.5% at $12.07 right before the close.
Goldman Earnings Sink After Buffett Dividend
Johnson & Johnson's Income Falls 23%
Burberry Shares Leap on Sales Update
Reader Comments (Page 1 of 1)
2-23-2009 @ 5:27PM
bostonholiday said...
Santelli was right screaming at the stock exchange floor. Was wrong though to accuse the administration.
Nobody is telling the people who caused the downfall of the economy. But I will tell you who are responsible for it'
The boards and the exsecutives are responsible for the failure of corporations and institutions.
For years they have renumerated themselves with hefty salary and bonuses while they were driving companys to bankrupcy.
2-23-2009 @ 9:05PM
leshem said...
Your may be right that boards and the executives are responsible for the failure of corporations and institutions. But when you look at who the boards of failing corporations are, you will very often find that they are the ones bankrolling politician x and y. And that is why they get away with it. Its just the old quid pro quo.